The Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ET
The U.S. Small Business Association (SBA), in consultation with the U.S. Treasury Department, opened the Paycheck Protection Program (PPP) loan portal on Monday, January 11, 2021. PPP provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
- First Draw PPP Loans for first time program participants
- Second Draw PPP Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan
- First and Second Draw PPP Loans borrowers may qualify for full loan forgiveness. Learn the terms for forgiveness here.
- To promote access for smaller lenders and their customers, SBA is currently only accepting loan applications from participating community financial institutions (CFIs). Lender Match can help you find a participating CFI.
- Much of the information has been translated to Spanish, including sample borrower applications.
For additional assistance, please visit the following organizations, which are receiving funding to increase their capacity to provide free, trusted business counseling and inexpensive training:
- The Larimer Small Business Development Center (SBDC) can also provide free, trusted assistance to submit the application.
- The Loveland Business Development Center can also provide free, trusted assistance to submit the application.
- The Colorado Office of Economic Development & International Trade has a Small Business Navigator that can direct you to resources and answer questions about Colorado-specific legislation. A hotline available from Monday through Friday from 8:00 a.m. to 5:00 p.m. for small business owners to call with questions about how to apply: (303) 860-5881. If the hotline is busy, you can also email firstname.lastname@example.org.